St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-03-22
TAKING THE BACK TRACK.
The Board of Trade Sees Hts Error
and Ma kes "a Haif-EacarIed ApOI.
ogy-.Another Rreezy Meeting.


Ogy-.An0ther breezy Meeting.
Noticeable among the directors who were
present at the board of trade meeting yes
terday were several leading members of the
real estate fraternity, A. j. Boardnan,
Ezra Farnsworth. and Messrs. Nickel
Towne, Elwell and Wolverton. Nothing
came before the board until the order of new
business was reached. when Director Wyman
introduced a preamble and resolutions which
evolved the usual weekly debate among the
selons. The resolution said that the reso-
luton passed by the board at its last session
was not intended to cast any reflection
against the reputable real estate dealers of
the city, Its mission was Ito condemn EN-
phatically and uneQuivocally that class of
real estate transactions where the specula-
tor hired a dummy or financially irreSpOnSi-
bic person to sign note and mortgage on
vacant property for a sum far exceeding the
intrinsic value of said property. thereby
escaping liability himself, and then
offering the said mortgage for sale to East
ern capitalists, thus trading On the we'll
known credit and financial standing Of the
business men Of Minneapolis in Eastern
markets" They ask the real estate eX-
change to cooperate with the board of
trade in preventing and exposing such ac-
lions, and to build up the city's manufac-
turing interests.
The resolutions were evidently intended
to act as oil on troubled waters. but they
completely refuted that theory; they called
forth very sharp and at times acrimonious
discussion.
Mr.. Farnsworth read the account of the
last meeting OF the board, while en- route
home from the East. and he thought it
quite right that some action should be taken
which would
REMOVE FROM THE BOARD OF TRADE
the odium which the Bassett resolution had
brought upon it, He regarded the resolu-
ton and discussion of last week as an in
suit and very ungentlemanly attack upon
a respectable and honorable business. IF
the members of the board cannot debate
questions without indnlging in vitupel alive
and supplementary remarks, we had bet
ter adjourn sine die"
In explanation OF his resolutions,
Mr. Wyman said that the news
papers had not given truthful version OF
last weeks meeting. Every member who
supported the BasSett resolution was care
full to state that his remarks did not refer
| to the reputable real estate men Of the city.
! These resolutions were only introduced to
members would attend meetings regularly
they would be saved the trouble of coming
up afterward to complain of resolutions
disagreeable to them.
A. j. Boardman would have preferred
| not to reopen the matter Replying to
| Wyman he said he did not want to feel that
it was necessary to be here to prevent some
| fellow from pounding him and attacking
his business. 1t was not wise for the board
| to attempt to explain away its previous
folly. The best policy for the board of
trade to pursue was to revert to its early
methods and unite in inducing new business
concerns to locate in the city. 80.
Judge Fisk had opposed the Bassett res
olution because he thought it untrue, and
now he thought it folly to attempt to ex-
plain what was ineXplicable. The feeling
| that had arisen against the board
sett resolution than the ungentlemanly
remarks of members in supporting it. The
only remedy for that mistake is to rescind
the Bassett resolution and eXpunge it from
the records. 1t is not worse to sell land at
profit than to sell lumber and -four. They
were alike speculative. and it would be just
as effective to pass resolutions against the
laws of gravity as against speculation;
BOTH ARE NoNsENsICAL.
Meanwhile j. B. Bassett had listened
with ever-increasing wrath to the senti-
ments of his opponents. He evidently re-
garded the Wyman resolutions as an at
tempt to rob him of the notoriety which has
been his for seven days. On former oc-
casion the major remarked propensity of
Mr.. Wyman's for stealing his powder, and
now he was at worse thing. trying to mu-
tilate his success. When Judge Fish ceased,
! Mr.. Bassett arose, regretting, no doubt,
that he had not the brilliant rhetoric of the
absent Col. King to aid him. However he
did himself proud. He did not speak loud,
nor saw the air with his hand. His emo
tons were too powerful for any such mani
festations. In deep, steady tones calcu-
lated to impress even such rash man as